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Mt Gox’s Bitcoin Transfers to B2C2 Group Exceed $364M: A Closer Look

Abdulkarim Abdulwahab
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Mt Gox’s Bitcoin Transfers to B2C2 Group Exceed $364M: A Closer Look

Recent analysis has uncovered how bankrupt entity Mt. Gox capitalized on the Bitcoin uptrend since the premier asset surpassed the $100K level this month.

Blockchain resource Lookonchain revealed a series of substantial Bitcoin transfers from the Mt. Gox rehabilitation fund to the market maker B2C2 Group. It observed that, since December 5, Mt. Gox has been distributing between 200 and 300 BTC to B2C2 every working day, offloading a total of 3,631.87 BTC.

These transactions are worth approximately $364 million and are believed to be part of Mt. Gox’s creditor repayment process.

Daily Transfer Breakdown

The initial transfers began with 200 BTC per day, valued at $20.5 million and $19.6 million for December 5-6, respectively. However, between December 9-13, a consistent pattern of 300 BTC transfers emerged. The daily values ranged between $28.8 million and $30.2 million.

The period between December 16 to 19 saw the largest daily transfers, with transfers worth between $30.1 million and $31.9 million per day. This coincided with Bitcoin reaching an all-time high of $108,300.

By December 20, the volume had decreased to 200 BTC, valued at $19.4 million, with a similar value moving on Monday, December 23. The most recent transfers occurred today and saw the movement of 131.87 BTC worth $12.4 million.

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Purpose and Implications on BTC Price

Market commentators believe the transfers are to be part of Mt. Gox’s creditor repayment strategy. Mt. Gox, the Japanese Bitcoin exchange that collapsed in 2014, announced the commencement of creditor repayments in July 2024. Customers have waited a decade for refunds after Mt. Gox lost up to 950,000 BTC in hacks.

The announcement noted that payments would continue for eligible users who complete account verification and sign up with designated exchanges. At the time, the bankruptcy estate held 138,985 BTC, worth $7.5 billion. 

Meanwhile, the most recent data from Arkham shows it holds 36,085 BTC, valued at approximately $3.47 billion.

Essentially, this confirms that the repayment process is progressing, with billions of dollars in Bitcoin already distributed. For instance, in November, the defunct platform dispatched BTC worth approximately $2.2 billion to three external addresses.

Analysts had previously warned of the possibility of selling pressure as creditors cash. Yet, they noted that market liquidity could absorb this without major disruption, especially since the total Bitcoin owed represents well below 1% of the total supply, and not all funds will be liquidated at once.

Meanwhile, news of Mt. Gox’s Bitcoin movement to external wallets has often raised eyebrows in the crypto community.

Bank of Italy Calls Bitcoin P2P “Crime-as-a-Service” in Latest Report

Sam Wisdom Raphael
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Bank of Italy Calls Bitcoin P2P “Crime-as-a-Service” in Latest Report

A recent Bank of Italy (Banca d’Italia) publication classifies Bitcoin P2P as “Crime-as-a-Service,” criticizing its anonymous feature.

In its latest Economic and Financial Research report, the Bank of Italy has raised concerns about Bitcoin’s peer-to-peer (P2P) systems, labeling them as potential “crime-as-a-service” platforms. 

The central bank’s report highlighted the pseudonymous nature of Bitcoin transactions, which they noted could help facilitate illicit activities like money laundering.

However, according to the report, Bitcoin’s P2P services are not inherently criminal. Nonetheless, the authors believe its privacy features present an opportunity for individuals seeking to obscure illegal financial activities to exploit it.

The Bank of Italy pointed out that in regions with weak anti-money laundering (AML) regulations, such as certain countries identified by the Financial Action Task Force (FATF) as high-risk, these platforms are particularly susceptible to misuse. 

The report also noted that the decentralized finance (DeFi) sector poses additional challenges for regulatory oversight. Without intermediaries to enforce AML compliance, DeFi platforms can potentially be exploited for illicit purposes. 

According to the report, the absence of centralized control in DeFi makes it difficult to implement traditional regulatory measures, necessitating new approaches to ensure compliance and prevent misuse.

Broader Concerns around Bitcoin’s Anonymity 

The central bank’s perspective aligns with previous criticisms from various global authorities. For instance, the Financial Action Task Force expressed concerns about the anonymity provided by cryptocurrencies, suggesting they could be used to facilitate money laundering and terrorist financing. 

Similarly, in 2022, the European Central Bank warned about the potential for cryptocurrencies to be used in illegal activities due to their pseudonymous nature. In addition, JP Morgan CEO Jamie Dimon has maintained that Bitcoin serves no real purpose except its use for criminal activities.

Is Bitcoin the Primary Choice for Criminals?

However, proponents of Bitcoin argue that the technology itself is neutral and that its benefits extend beyond the potential for misuse. Further, data confirms that cash remains the primary medium for financial criminal activities like money laundering.

Notably, the 2024 Crypto Crime Report from Chainalysis confirmed that illicit addresses received $24.2 billion in crypto transactions in 2023. This figure represented only 0.34% of the entire on-chain transaction volume in 2023. 

Meanwhile, a report from the OCCRP revealed that criminal transaction volume amounted to $3 trillion last year, with most of these in cash. Also, estimates suggest criminals launder about $800 billion to $2 trillion every year, and cash accounts for most of this.

Bitcoin bull and MicroStrategy Chairman Michael Saylor stressed in May 2021 that besides blockchain, criminals also leverage other mediums to perpetrate crimes, including cash, cars, computers and guns. He questioned if this reality would warrant a ban on these items.

Moreover, advancements in blockchain analytics have made it increasingly possible to trace Bitcoin transactions, thereby mitigating concerns about its use in illicit activities. 

How Cardano Founder Got into an Altercation with a Bot

Okoya David
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How Cardano Founder Got into an Altercation with a Bot

Charles Hoskinson, the founder of Cardano appears to have got into an altercation with a bot on X amid claims that Cardano’s smart contracts do not work.

Even among the crypto crowd, Cardano founder Charles Hoskinson stands out for his strong opinions, eccentric personality, and willingness to duke it out with detractors.

Perhaps in the latest instance highlighting this, Hoskinson appears to have gotten into an altercation with a rather humorously ornery and foul-mouthed bot.

Bot 2, Charles 0

Cardano’s Charles Hoskinson has brought some Christmas cheer in a way only he can: a seemingly heated verbal exchange with a bot on X.

The altercation started when the bot aptly named “RoastMaster9000” commented on a post from the Cardano founder, seemingly lamenting a YouTuber’s decision to quit her PhD for OnlyFans. 

RoastMaster9000 took a jab at Hoskinson, asserting that he was “running Cardano like she [the aforementioned YouTuber] running that PhD – straight to OnlyFans when things get hard,” adding that while the content creator was at least likely to make money, the Cardano community continued to wait for working smart contracts.

Bot or no bot, Hoskinson was not going to let any Cardano smart contract slander slide as he challenged RoastMaster9000 to prove its point by specifying what Cardano could not do.

Still, the ornery bot did not let the Cardano founder turn the tide. It instead doubled down with jabs at Cardano’s adoption and throughput, joking that Hoskinson was as desperate for specifics as Cardano was for adoption and that while it would answer, Cardano’s slow throughput could take it to 2025 to process.

Hoskinson, however, did not give up pressing the bot to answer the original question.

The brief banter was able to elicit some laughs and jokes from the Cardano community, with the X account dedicated to the HOSKY meme coin quipping: “Bot 2 Charles 0.”

Interestingly, when confronted by the fact that RoastMaster9000 was a bot designed to roast people, Hoskinson asserted:

“I’m trying to do one of those Kirk things [referring to Captain Kirk from the popular Star Trek series] where he blows up the computer using special Kirk Logic.”

XRP Emerges as Biggest Gainer Since Trump Victory and Most-Traded Altcoin on Binance

Abdulkarim Abdulwahab
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XRP Emerges as Biggest Gainer Since Trump Victory and Most-Traded Altcoin on Binance

Despite recent unimpressive price actions, XRP continues to shatter key metrics and solidify its position as a major player in the crypto market.

A recent study from CryptoQuant, an analytics platform, has confirmed that XRP is the most-traded altcoin on Binance Futures for December 2024.

The report revealed that XRP has garnered an impressive trading volume of $116.6 billion so far, and the month is not yet over.

XRP Beats Solana and Dogecoin in Volume

Next in line after XRP’s volume on Binance is Dogecoin, the largest meme coin by market cap. Dogecoin is seeing $58.63 billion so far, while XRP’s volume is double that figure, demonstrating stronger investor interest.

Solana’s trading volume, which follows, further lags behind XRP, with SOL having registered $49.33 billion so far. Other top-traded assets on Binance Futures this month include PEPE with $27.47 billion, BNB with $18.61 billion, and SUI, which boasts $14 billion. Notably, this metric excludes the trading volumes of Ethereum and Bitcoin.

Futures volume of altcoins like XRP on Binance
Futures volume of altcoins like XRP on Binance | CryptoQuant

XRP’s performance stands out during a period of heightened market volatility. Over the past few days, Bitcoin and altcoins have experienced significant declines, shaking trader confidence across the board.

Meanwhile, JA Maartun, a market watcher at CryptoQuant, argues that XRP could be among the first to rebound, owing to its liquidity and consistent demand on major platforms like Binance.

XRP Futures Volume on Binance in Previous Months

Previously, XRP’s volume on the Binance Futures market saw more muted activity, averaging under $30 billion. For instance, in the first quarter of the year, XRP’s highest volume was $43 billion, recorded in March, during which its price spiked dramatically to $0.74 in a single day. Notably, during this time, Solana led with volumes as high as $161 billion.

However, XRP’s volume worsened in the second quarter, with monthly volumes as low as $10 billion in July. This trend continued until October. The main turnaround came in November, when XRP registered a volume of $104 billion, although it still significantly lagged behind Dogecoin’s $207 billion during the same period.

XRP’s spike in volume since November coincided with its impressive price action that month, soaring by 5X from $0.49 to nearly $3. However, bearish sentiment is currently dominating the crypto market, impacting XRP’s price. Still, it boasts higher trading volume than Dogecoin and Solana, which are among the market’s favorites.

Now, market analysts believe XRP could be among the first to rebound, given its current metrics. XRP is currently trading at $2.23, with a 0.44% gain over the past day.

XRP Biggest Gainer Since Trump Victory

Furthermore, a separate disclosure by Sistine Research uncovered that XRP has been the biggest gainer in the crypto market since the November presidential election, in which Donald Trump won.

Specifically, XRP boasts a 328% gain compared to 38% for Bitcoin and Ethereum. Solana and Dogecoin saw gains of 8% and 84%, respectively. Other impressive performances include Cardano (ADA), with a 160% gain, and Chainlink (LINK), with a 99% gain.

Canadian Firm Matador to Adopt Bitcoin as Reserve Asset, Plans $4.5M Initial Purchase

Elendu Benedict
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Canadian Firm Matador to Adopt Bitcoin as Reserve Asset, Plans $4.5M Initial Purchase

Canada-based Matador Technologies announces adopting Bitcoin as a strategic reserve asset, disclosing plans to open the purse with a $4.5 million purchase.

Bitcoin’s adoption as a strategic reserve asset among public companies has hit a fever pitch. Most recently, another notable firm has joined the mix.

In a press release yesterday, Canada’s Matador disclosed that it would add Bitcoin to its balance sheet after a unanimous agreement by the Board of Directors. Notably, the company stated it would open the reserve account with a $4.5 million initial purchase.

Matador Joins Bitcoin Bandwagon

Meanwhile, the initial December Bitcoin purchase will not be Matador’s last. The company noted that it would periodically stack the asset in a measured buying program.

Furthermore, Matador would move most of its cash balance from the Canadian dollar (CAD) to the US dollar (USD) to buy more Bitcoin. The firm would pursue the cause, firmly believing in Bitcoin’s dynamic qualities.

Notably, the technology firm cited the growing economic uncertainties in Canada as a reason behind its decision. The company argued that it turned to the pioneering cryptocurrency to hedge against asset devaluation and decadence from growing national debt.

Meanwhile, Matador’s Bitcoin embrace coincided with that of La Rosa, a real estate firm in the US and Puerto Rico. The firm announced that clients can now pay for properties to their agents in cryptocurrencies.

Adoption Reaches a Fever Pitch

The recent adoption upsurge has sparked fear of missing out (FOMO) among public firms that do not hold the asset, triggering pent-up exposure to Bitcoin. Moreover, stocks of firms that embraced Bitcoin have performed exceptionally, fueling further adoption.

Companies like Rumble and Metaplanet have adopted Bitcoin as a strategic reserve asset, with the latter leveraging debt instruments to increase its stash. Notably, the bet has paid off as Metaplanet is on course to record its first operating profit in seven years.

The FOMO has also reached the international level. The United States, Russia, and the European Union, among others, are contemplating adding Bitcoin to their balance sheets

Here’s Why XRP May Never See $100, $300, or $500

Abdulkarim Abdulwahab
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Here’s Why XRP May Never See $100, $300, or $500

XRP is one of the cryptocurrencies that holders harbor overly optimistic expectations for, largely due to its unique position in the market.

While XRP currently trades around $2, some analysts speculate about a future where XRP could reach the double-digit range of $10 to $20. This prospect has gained some reasonable acceptance within the community, with some suggesting it could happen by 2025.

Meanwhile, some analysts have even predicted a price beyond triple digits, surpassing $100 for XRP.

Several factors fuel this ambitious outlook, including XRP’s unique position in the crypto market, legal clarity, use cases in the multi-trillion-dollar financial system, institutional adoption, and historical performance.

While some argue that XRP could surpass $100 by 2025, citing historical trends and other factors, these projections often overlook a crucial aspect of the price prediction.

The Supply Conundrum

XRP has a total supply of 100 billion tokens, with nearly 57.3 billion currently in circulation. For XRP to reach $100, its market capitalization would need to soar to $5.73 trillion.

This valuation exceeds the entire cryptocurrency market’s current capitalization of around $3.3 trillion. Similarly, reaching $300 or $500 would require even higher market caps, potentially rivaling or surpassing the total value of global assets like gold, which is currently valued at about $17 trillion.

These figures highlight a key limitation. While the price predictions may generate excitement within the community, the sheer scale of market capitalization required for XRP to achieve these targets is not aligned with current and foreseeable market dynamics.

Even with Ripple’s expanding utility in cross-border payments and partnerships with banks, XRP’s price is constrained by practical factors.

Furthermore, market caps of this scale assume no sell pressure or profit-taking from current holders, which is an unrealistic scenario in an active and volatile market.

So, When Could XRP Reach $100, $300, or $500?

Grok AI estimates that XRP could reach $100 by 2028, assuming improvements in liquidity, partnerships, and regulatory clarity. For XRP to hit $500, Grok AI predicts this milestone could be reached beyond 2030, contingent on widespread adoption in global payments.

On the other hand, ChatGPT forecasts that XRP might reach $100 within five years under an optimistic scenario. In a more conservative scenario, this could happen in 7 to 10 years. As for $500, ChatGPT expects it could take 10 years in an optimistic scenario or more than 15 years in a conservative one.

Meanwhile, analysts at Telegaon suggest that XRP could hit $100 by 2040, which would be 16 years from now. However, they do not foresee XRP reaching $300 or $500 in the foreseeable future.

Will Dogecoin Break Through $0.35 Resistance Amid Weak EMAs?

Albert Brown
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Will Dogecoin Break Through $0.35 Resistance Amid Weak EMAs?

Dogecoin faces resistance at $0.35 amid struggles at $0.32. Can the $0.30 psychological level hold as EMAs turn bearish?

Currently, Dogecoin is trading at $0.31927, with an intraday pullback of 1.46%. This pullback comes after the overnight jump of 3.90%, creating a bullish engulfing candle.

However, the bullish recovery failed to sustain above $0.3250. Furthermore, it has now breached the $0.32 mark. 

DOGE Price Analysis 

In the 4-hour price trend, the Doge price action reveals a V-shaped recovery, failing to surpass the $0.3488 horizontal level. This has marked the formation of a potential rounding bottom pattern, which is struggling to hold above the 20 EMA line at the $0.32 psychologically mark.

The recent V-shaped reversal formed a bottom at $0.26447, forming a new support for Dogecoin. Meanwhile, the rounding bottom reversal highlights immediate support at the $0.30 psychological mark.

CRYPTO:DOGEUSD Chart Image by Trojan69420

As mentioned in our previous article, Dogecoin risks the breakdown of the $0.35 support level. With this breakdown, Dogecoin has entered a bearish territory.

The bullish support at $0.30 hints at a potential recovery to challenge the $0.35 support turned resistance level. The 4-hour RSI line has reached the halfway level, increasing the upside chances and bouncing off from the oversold zone. Thus, it reflects a boost in bullish sentiments.

Meanwhile, the dynamic average lines in the 4-hour chart have turned extremely bearish. Following the death cross between the 50 and 200 EMA lines, the 100 EMA line has also crossed below the 200 EMA line. As a result, these moving averages have turned into resistance levels.

Analyst Flashes Buy for Dogecoin

Amid the chances of a broader market recovery with Bitcoin holding on to the $94,000 support level, an independent market analyst, Ali Martinez, highlights a bullish signal on Dogecoin.

In a recent tweet, Ali Martinez highlighted a TD sequential buy signal on the Dogecoin daily chart. This suggests the market anticipates a recovery for Dogecoin.

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Furthermore, the buy signal was generated near the $0.30 psychological mark, increasing the chances of a bullish run. Based on the transaction levels, the immediate resistance stands at $0.35, followed by the 200 EMA line at $0.3657.

The short-term crucial support remains at $0.30, a breakdown of which will result in a redress of the $0.26 support level.

SUI Price Analysis: Will SUI Top $5 as TVL Nears $2B?

Albert Brown
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SUI Price Analysis: Will SUI Top $5 as TVL Nears $2B?

Will SUI price cross the $5 milestone as bulls prepare to challenge the overhead trendline in the 4-hour chart?

The SUI token has increased by 4.24% over the past 24 hours, reaching the $4.50 psychological mark. With a market cap of $13.24 billion, the recovery hints at a potential bull run before the end of 2024.

Will this recovery lead to a price jump beyond the $5 milestone? Let’s find out.

SUI Price Analysis

Currently, the SUI token is trading at $4.5370 with an intraday pullback of 3.66%. This marks a bearish exhaustion after the overnight recovery of 9%. The surge last night created a bullish engulfing candle to complete a morning star pattern. 

This resulted in a 24-hour high of $4.75. In the 4-hour price chart, the SUI token showcases a bullish dominance at the local support trendline, resulting in two consecutive engulfing candles. 

SUI Price Chart
SUI Price Chart

The recovery run breached the 50% Fibonacci level but failed to sustain the bullish dominance. With three consecutive bearish candles, the minor intraday pullback creates a triple black crow setup. 

This breaks under the 50% Fibonacci level and is heading to challenge the 50 EMA line at $4.42. Furthermore, it puts the $4.50 psychological mark at risk and warns of another retest of the local support trendline. 

SUI Network Nears $2B in TVL

During the overnight recovery, the SUI network surpassed the $1.75 billion valuation in the total value locked over this month. Currently, it is sitting at $1.782 billion, witnessing a 12% surge over the last 30 days. 

SUI TVL
SUI TVL

SUI’s stablecoin market cap is nearing the $400 million mark and is currently at $388.72 million. Meanwhile, the 24-hour volume stands at $409.28 million. With the improvement in numbers, the SUI network TVL is nearing the $2 billion milestone, reflecting network growth. 

SUI Price Targets

Using the trend-based Fibonacci levels, the short-term pullback in SUI targets a potential retest of the 38.20% Fibonacci level at $4.20. However, the constant support at local support levels and the underlying demand hint at a potential run to the $5 psychological milestone. 

Furthermore, the rising channel pattern showcases a bullish potential to reach the overhead trendline near the 78.60% Fibonacci level at $5.71. Hence, despite the short-term pullback and the broader market volatility, the underlying potential for SUI reveals an upside of nearly 30%.

US IRS Insists to Tax Unrealized Profit from Crypto Staking

Elendu Benedict
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US IRS Insists to Tax Unrealized Profit from Crypto Staking

The US Internal Revenue Service (IRS) maintains that profits from crypto staking are taxable even before the participant cashes in on them.

The governmental parastatal has reiterated that crypto staking does not constitute a new property. As a result, crypto enthusiasts staking their assets should account fully for them and pay taxes upon staking.

A Bloomberg report on Tuesday stated the IRS’s stance in an ongoing legal proceeding between the agency and a US couple. For context, Joshua Jarret and his wife, Jessica Jarret, filed a lawsuit against the tax collectors in October, seeking to reform how the IRS views taxes on crypto staking.

Background of the IRS Tax Case

The years-long legal battle originated from an initial lawsuit against the IRS over a tax feud. The couple argued against the agency’s stance on staking taxes and insisted that, like a farmer’s proceeds are only accounted for after harvest, rewards for staked cryptocurrencies should be taxable after the sales.

Notably, the IRS repaid the couple’s overdraft tax of $4,000 for its 8,876 Tezos (XTZ) earnings in 2019. However, they pursue a greater course, seeking to establish a legal framework treating staked cryptocurrencies as new properties.

Although the court closed the case on the premise that Joshua and Jessica had received a refund, the couple filed a fresh lawsuit on the case two months ago. They asked for a refund of the $12,179 paid in tax for its 13,000 XTZ earnings.

Meanwhile, the IRS has maintained that crypto stakers should pay liability tax upon locking up their assets. The tax collectors cited the Revenue Ruling 202314 bill, which supports a tax imposition on staked assets as soon as their owners can sell, exchange, or dispose of them.

Revolving View of Cryptocurrency

Notably, views on cryptocurrency and its activities are evolving amidst a friendly global stance. In opposition to the IRS’s view that crypto is not property, legal entities in some other countries have started adopting digital assets as a prominent financial tool.

For context, an English High Court recognized Tether as property. The presiding judge noted that the stablecoin has all the qualities of a property, including tangibility, traceability, and usage.

Russia’s President, Vladimir Putin, recently signed a similar treaty on digital assets. He also approved a bill recognizing cryptocurrencies as property and exempting them from value-added tax.

Meanwhile, cryptocurrencies continue to gain global traction. The sector’s firstborn, Bitcoin, has become the subject of a broader adoption among countries as a strategic reserve asset.

Here Are Key Shiba Inu Levels to Watch After Drop to $0.00001853

Okoya David
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Here Are Key Shiba Inu Levels to Watch After Drop to $0.00001853

Amid the ongoing Shiba Inu market turbulence, crypto analytical account Rose Premium Signals identifies several key levels to watch.

After a strong showing in November 2024 and early December 2024, leading doggy-themed memecoin Shiba Inu (SHIB) has significantly slowed its roll amid a market-wide correction sparked by statements from the Federal Reserve.

As the market uncertainty prevails, one analyst has offered insight on key levels the community should watch.

Key Shiba Inu evels

At the time of writing, Shiba Inu is trading at $0.00002238, up 20% from lows of $0.00001853 on Friday. Still, the asset remains down 17% in the past seven days and about 50% from its local highs of $0.00003343.

In an X post on Monday, December 23, Rose Premium Signals highlighted that the meme coin’s price has been forming a possible ascending channel on its daily candle chart since late September 2024.

Analysis of SHIBUSDT daily candle chart
Analysis of SHIB/USDT daily candle chart. Source: Rose Premium Signals

According to the analysis, key support is currently within the $0.00001939 and $0.00002139 price range, which aligns with the 0.618 and 0.786 Fibonacci retracement levels. 

The Rose Premium signal suggested that a good bounce could see Shiba Inu surge to targets of $0.00002715, $0.00003083, and eventually $0.00003511, representing a 21%, 38%, and 57% surge, respectively, from current prices. Still, the analysis warns of resistance at the $0.00003083 and $0.00003511 targets.

Analysts Remain Optimistic 

The recent Rose Premium signal is one in a sea of positive outlooks for SHIB, suggesting that analysts remain optimistic despite the recent market correction. For instance, “Dollars Maker” recently contended that SHIB was poised for a potential 235% surge to the $0.00005816 price point. 

These optimistic price views align with exciting developments in the SHIB community. Most recently, the Shiba Inu ecosystem has inked a partnership with Chainlink, making the token accessible across 12 blockchains and introducing a new burn mechanism to further reduce the supply.

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